Shares in Deutsche Bank have risen on the news that its co-chief executives have quit, to be replaced by a new, solo chief executive.
Anshu Jain and Jürgen Fitschen said yesterday they would step down from the joint chief executive role amid a series of problems at the bank. Jain will leave at the end of this month, while Fitschen will stay until May next year, leaving after the bank’s annual general meeting.
Early trading saw an 8 per cent jump in shares after the annoucement,
John Cryan will replace the duo as sole chief executive at the bank. He was previously chief financial officer at UBS and is a current board member at Deutsche Bank.
Analysts welcomed the swtich-over, with Omar Fall, an analyst at Jefferies, saying: “With John Cryan as chief exec, we think that Deutsche is transitioning from one of the least credible management teams in investors’ minds to one of the most highly regarded.”
Deutsche Bank was recently handed a £1.7bn fine for its role in the Libor fixing scandal, while its recent shareholder meeting saw 40 per cent voting against the firm’s management board.